News

Gungnir Resources Plans Geophysical Surveys in Sweden

Vancouver – October 4, 2016 - Gungnir Resources Inc. (GUG: TSX-V) (“Gungnir” or the “Company”) is pleased to provide an update on its planned exploration work in Sweden. As the next phase of exploration the Company is planning geophysical surveys over new gold targets and potential base metal mineralization at its Knaften property in northern Sweden. The prime objective is to identify quality drill targets.

Jari Paakki, CEO of Gungnir comments, “We are pleased to have closed a recent financing which allows us to initiate our next phase of exploration at Knaften. The Knaften region is a promising target as it covers up-ice of a very large glacial till anomaly, one of the largest known in Sweden, which has yet to be fully sourced. In 2014 we discovered a new gold prospect area in outcrop and local boulders assaying up to 8.52 g/t Au. The discovered gold mineralization occurs in rocks with disseminated sulphides which is an attractive style as it offers excellent potential for continuity and a geophysical target to set-up drilling. We look forward to exciting results ahead at Knaften, as well as at our other projects and new target regions we are developing.”

Several targets will be surveyed on the Knaften property including the new gold prospect area and additionally a massive sulphide surface exposure. An Induced Polarization (IP) survey is planned to cover a large cluster of locally derived boulders (up to 8.52 g/t Au) in the south half of the property where gold mineralization occurs with disseminated sulphides, including pyrrhotite (magnetic Fe-sulphide), making it an ideal target for IP geophysics and magnetics. Potential targets in the largely unexplored north half of the property will be surveyed with magnetics only, with results then compared to the magnetic signatures over the gold target area to the south. Several test electromagnetic (EM) survey lines are planned over exposed massive sulphides for initial determination of depth and strike extent. The massive sulphides have been identified as having a volcanogenic massive sulphide (VMS) base metal signature by Gungnir. Geophysical work is expected to commence later this fall once approvals are received from the Swedish Mining Inspectorate.

The Company has also granted, in compliance with the Company's stock option plan, 2,450,000 incentive stock options to purchase common shares of the Company at $0.06 per share for five (5) years to directors and consultants of the Company.

The technical information in this news release has been prepared and approved by Jari Paakki, P. Geo., CEO and a director of the Company. Mr. Paakki is a Qualified Person under National Instrument 43-101.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal permits in northern Sweden within a region hosting 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing base metal mines. The Company additionally holds a $5,000,000 royalty stream with five annual advance cash payments of $1,000,000 expected to commence on or before May 1, 2017. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Gungnir Resources’ plan for future funding, and exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the properties, or that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Gungnir does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.